Needham & Company maintains a 'Buy' Dick's Sporting Goods (DKS); Raise EPS Estimates & Boost Price Target After Strong Q3

Needham & Company maintains a 'Buy' Dick's Sporting Goods (NYSE: DKS) price target raised from $45 to $48.

Needham analyst says, "DKS announced strong Q3 results that beat our estimates as well as consensus numbers. Quarterly sales were $1.2 B, a YoY increase of 9.3%, driven by 4.1% growth in consolidated SSS. Non-GAAP EPS for Q3 rose 45% to $0.32 from its 2010 level of $0.22. DKS raised 2011 FY EPS guidance from $1.94-$1.96 to $2.01- $2.03. Management also announced its first dividend, starting with an “annual” payment of $0.50, and going to a quarterly dividend starting next year...Based on these “beats,” we are increasing our 2011 EPS from $1.95 (excluding one-time items or 2.02 including such items) to $2.05 (excluding one-time gains, or $2.12 including such gains)."

For an analyst ratings summary and ratings history on Dick's Sporting Goods click here. For more ratings news on Dick's Sporting Goods click here.

Shares of Dick's Sporting Goods closed at $41.41 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• DA Davidson Reiterates Buy Rating on Dick's Sporting Goods (DKS)
• Seaport Global Securities Downgrades JetBlue Airways (JBLU) to Neutral
• EyePoint Inc. (EYPT) PT Lowered to $8 at Jefferies